Price War Erupts! Petrol Drops As Marketers Battle For Control

Published June 5, 2025 at 3:58 PM

As competition heats up in Nigeria’s downstream petroleum sector, six major petroleum depots—Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde—have slashed their Premium Motor Spirit (PMS) prices to attract buyers and remain competitive.

New Depot Prices:

Emadeb: ₦827/litre (down from ₦903)
First Royal: ₦826/litre (from ₦828)
MENJ: ₦826/litre (from ₦827)
Aiteo: ₦825/litre (from ₦826)
Pinnacle: ₦850/litre (from ₦856)
Hyde: ₦868/litre (from ₦869)

The ongoing reduction is driven by a mix of intense local competition and declining global crude oil prices, currently hovering around $65 per barrel, according to Petroleumprice.ng.

An industry insider revealed that with depot prices now aligning with Dangote Refinery’s ₦825/litre, expectations are rising that Dangote might implement further reductions soon.

Dr. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), noted:

“Importers are adjusting prices to compete locally. These cuts are necessary for them to sell effectively in the Nigerian market.”

He warned, however, that while price drops are good for consumers, excessive competition could negatively impact the sector if not regulated properly.

Meanwhile, the Dangote Refinery, through its spokesperson Anthony Chiejina, emphasized its dedication to price stability, saying its strategy is focused on supporting Nigeria’s economy and reducing the financial burden on citizens.